Mission Statements, aims and objectives and stakeholders

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jackpomfret
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First topic of BUSS 4

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Mission Statement definition A mission statement is a qualitative statement of an organisations aims. It uses language intended to motivate employees and convince customers, suppliers and those outside the organisation of its sincerity and commitment.
Objective Goals to be achieved in a set period of time e.g. -Increase sales revenue - Decrease unit cost
SWOT Analysis Internal : Strength Weakness External: Opportunity Threat
P.E.S.I.L.E - Political - Economic - Social - Technology - Legal - Environment
Mission Statement intended for: Stakeholders: - Employees - Customers - Suppliers - Shareholders - Community
Characteristics of a good mission statement - Clear and concise - Positive - Outline core values and beliefs - Easy to communicate
Criticisms of mission statements - Sometimes doesn't mean anything - Too long - Overly optimistic - Might not be realistic and reliable
Mission : A qualitative statement of the business' aims
Aims: A long term plan from which a companies objectives are derived
Objectives: - Target that must be achieved in order to realise the stated aim - A time assigned targets derived from the goals and set in advance of strategy
Corporate Strategy: Is concerned with deciding what business the organisation should be in, where it wants to be, and how it is going to get there
Corporate strategy is a game plan for: - Satisfying customers - running the business - beating the competition - achieving corporate objective
Ansoff Matrix Consists of: -Market penetration - Product development - Market development - Diverifacation
Ansoff Matrix Diagram: a6eb7d73-50fe-4c43-8772-cec7b88574e3.png (image/png)
Market Penetration: Least risk strategy because you are in both an existing market and selling an existing product. e.g. of businesses: - Subway - Coca-Cola - Cadbury Dairy Milk
Product Development: This has a potential risk as the company would be selling a new product. e.g. of businesses - Rolls Royce (SUV) - Cadburys - Apple
Market Development: Potential risk as the company would be selling in a new market. e.g. of businesses - Tesco moving into the china and USA market (now have pulled out) - Rolls Royce moving into Europe, Middle East and the USA.
Diversifacation Highest risk as you are selling a new product in a new market - therefore may require a lot of research and development. e.g - Apple iWatch - Virgin (airlines, trains, TV etc.) There is RELATED such as BMW creating other vehicles. However there is UNRELATED which would be BMW creting a clothing range.
Diversifacation Highest risk as you are selling a new product in a new market - therefore may require a lot of research and development. e.g - Apple iWatch - Virgin (airlines, trains, TV etc.) - Lego Games (PS/Xbox) There is RELATED such as BMW creating other vehicles. However there is UNRELATED which would be BMW creting a clothing range.
Porters matrix Consists of: - Cost leadership - Defferfentiation - Focused cost leadership - Focused Differentiation
Porters Matrix Diagram 2eb1a23d-2409-4b41-81d8-ac376def06dd.gif (image/gif)
Cost Leadership e.g. - Primark - Lidl - Pound Land (all stores that sell products for the cheapest price - strategy being cost minimisation)
Differentiation e.g. - Apple - Sainsbury's - Top Shop - Jaguar/Landrover (They are differentiated meaning that they have something of a USP)
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